trillium management, llc ma march - morgan stanley · trillium asset management, llc...

i

Item1–CoverPage

TrilliumAssetManagement,LLC 60SouthStreet,Suite1100

Boston,MA02111

www.trilliuminvest.com

March30,2020

ThisBrochureprovidesinformationaboutthequalificationsandbusinesspracticesofTrilliumAssetManagement,LLC(“Trillium”or“Adviser”).IfyouhaveanyquestionsaboutthecontentsofthisBrochure,pleasecontactusat(617)423‐6655.TheinformationinthisBrochurehasnotbeenapprovedorverifiedbytheUnitedStatesSecuritiesandExchangeCommissionorbyanystatesecuritiesauthority.

TrilliumAssetManagement,LLCisaregisteredinvestmentadviser.RegistrationofanInvestmentAdviserdoesnotimplyanylevelofskillortraining.TheoralandwrittencommunicationsofanAdviserprovideyouwithinformationwithwhichyoudeterminetohireorretainanAdviser.

AdditionalinformationaboutTrilliumAssetManagement,LLCalsoisavailableontheSEC’swebsiteatwww.adviserinfo.sec.gov.

ii

Item2–MaterialChangesThisBrochuredatedMarch30,2020isanupdatethatamendsourpreviousBrochuredatedMay16,2019.Specifically,weupdatedcertainitemsandaddedinformationtokeepyouuptodateaboutourbusinesspracticesandaffiliations.

MaterialChanges:

Item4–AdvisoryBusiness:UpdatedManagedAssetsAddedNoticeofanImportantEvent,pendingownershipchange

Item8–MethodsofAnalysis,InvestmentStrategiesandRiskofLoss:Updated

MethodsofAnalysisItem12–BrokeragePractices:UpdatedResearchandSoftDollarBenefits

Item13–ReviewofAccounts:Updated PursuanttoSECRules,wewillensurethatyoureceiveasummaryofanymaterialchangestothisandsubsequentBrochureswithin120daysofthecloseofourbusiness’fiscalyear.Wewillprovideotherongoingdisclosureinformationaboutmaterialchangesasnecessary.WewillfurtherprovideyouwithanewBrochureasnecessarybasedonchangesornewinformation,atanytime,withoutcharge.

TorequestourBrochurefreeofcharge,pleasecontactMichelleMcDonough,ManagingPartnerat(617)423‐[email protected].

AdditionalinformationaboutTrilliumAssetManagement,LLCisalsoavailableviatheSEC’swebsitewww.adviserinfo.sec.gov.TheSEC’swebsitealsoprovidesinformationaboutanypersonsaffiliatedwithTrilliumAssetManagement,LLCwhoareregisteredinvestmentadviserrepresentativesofTrilliumAssetManagement,LLC.

iii

Item3‐TableofContents

Item1–CoverPage....................................................................................................................................i

Item2–MaterialChanges......................................................................................................................ii

Item3‐TableofContents......................................................................................................................iii

Item4–AdvisoryBusiness....................................................................................................................1

Item5–FeesandCompensation.........................................................................................................3

Item6–Performance‐BasedFeesandSide‐By‐SideManagement......................................5

Item7–TypesofClients.........................................................................................................................5

Item8–MethodsofAnalysis,InvestmentStrategiesandRiskofLoss..............................5

Item9–DisciplinaryInformation....................................................................................................18

Item10–OtherFinancialIndustryActivitiesandAffiliations............................................18

Item11–CodeofEthics.......................................................................................................................19

Item12–BrokeragePractices..........................................................................................................20

Item13–ReviewofAccounts...........................................................................................................23

Item14–ClientReferralsandOtherCompensation...............................................................23

Item15–Custody....................................................................................................................................24

Item16–InvestmentDiscretion......................................................................................................24

Item17–VotingClientSecurities....................................................................................................25

Item18–FinancialInformation.......................................................................................................25

OtherInformation–SummaryofPrivacyPolicy.......................................................................26

1

Item4–AdvisoryBusinessTrilliumAssetManagement,LLC(“Trillium”,“thefirm”or“we”)wasfoundedin1982andprovidesinvestmentmanagementservicestoindividualsandinstitutions.TheemployeesofthefirmownTrillium,andMatthewW.Patsky,CFA,ManagingPartnerandChiefExecutiveOfficer,isthelargestshareholder.Trilliummanages equity, fixed income, and balanced separate accounts for individuals,foundations, endowments, religious institutions and other non‐profit and for‐profitinstitutionalclients.Thefirmisdedicatedtoservingthelong‐termfinancial,environmentalandsocialgoalsoftheseclients. Trillium istheadvisortotheTrilliumESGGlobalEquityFund and the Trillium ESG Small/Mid Cap Fund, publicly availablemutual funds. TheTrilliumESGGlobalEquityFund isavailable in retail (PORTX)and institutional (PORIX)shareclasses.TheTrilliumESGSmall/MidCapFundisavailableinaninstitutional(TSMDX)shareclass.Thefirmbelievesthatexaminingenvironmental,social,andgovernance(ESG)factorsasan integratedpartof the investmentprocesscan lowerportfolioriskandhelpidentifythebest‐managedcompanies.Each client can impose reasonable restrictions on the management of their accounts,including restricting particular securities or types of securities. Trillium observes theinvestmentpolicies,limitationsandrestrictionsoftheclientsforwhichitadvises.Inadditiontoworkingdirectlywithclients,Trilliumparticipatesinwrapfeeprograms,butdoesnotsponsorsuchprograms.Trilliumprovidesdifferentlevelofservicetotheseclients,dependingontheprogram. SomeclientsaccessingTrilliumthroughawrapprogramwillhavelimitedaccesstoTrillium’sfullrangeofproducts,andlimitedabilitytodirectTrilliumtocustomize theiraccount. Trillium receivesaportionof thewrap fee formanagementservices.Trilliumactsasa “ModelManager” forseveralseparatelymanagedaccount (“SMA”)andUnifiedManagedAccount (“UMA”)platforms. Trilliummanages themodelportfolios inaccordancewith its investmentmanagementphilosophyandpoliciesasset forth ineachinvestmentagreement.Trilliumdoesnothaveanyrelationshipwiththeunderlyingclients.Platform sponsors are responsible for assuring implementation of a client’s particularinvestment objectives and restrictions in accordancewith Rule 3a‐4 of the InvestmentCompanyAct.Investmentadvisoryservicesrepresent100%oftotalrevenueasofDecember31,2019.Trilliumpublishes“InvestingforaBetterWorld”,aquarterlynewsletter.ThenewsletterisdistributedfreeofchargetoTrillium’sinvestmentadvisoryclientsandtoprospectiveclientsandadvisors.Itisalsoavailablethroughourwebsiteatwww.trilliuminvest.com.Trillium hires Chicago Clearing Corporation ("CCC") to assist in processing claims andobtainingdistributions from securitiesclassaction settlements foradvisoryclients. CCCreceivesafeeof15%oftheproratashareofanysuchdistribution.

2

Trilliumconductsanongoingenterpriseriskassessmenttoevaluatematerialrisksassociatedwithitsbusinessesandoperations.TheManagingPartners,withinputfromthedepartmentheads,areresponsibleforassessingTrillium’slevelofrisk.AManagingPartnerperiodicallycoordinatesandoverseesanassessmentofTrillium’sbusinessrisk.

ServicestoRegisteredInvestmentCompaniesTrilliumprovidesinvestmentmanagementservicestotheTrilliumESGGlobalEquityFundand theTrilliumESG Small/MidCapFund (the “Funds”), each a series ofProfessionallyManagedPortfolios,aMassachusettsbusinesstrust,andregisteredwiththeSECundertheInvestmentCompanyActof1940asanopen‐endmanagementinvestmentcompany.TheTrilliumESGGlobalEquityFund followsourGlobalEquityStrategyusing the sameorasimilar approachused for certain separatelymanaged account clients.TheTrilliumESGSmall/MidCapFundfollowsourSmallMidCapStrategyusingthesameorasimilarapproachused for certain separately managed account clients. The Fund prospectus containsadditional information regarding each Fund’s investment strategy. The prospectus isavailableuponrequest.ServicestoPrivateFundsTrilliumprovidesdiscretionary investmentadvisoryserviced toaprivate fundofprivatefunds (“Private Fund”) forwhichTrillium ImpactGP, LLC (“GeneralPartner”) serves asgeneralpartner. TheGeneralPartner,anaffiliateof the firm,offers thePrivateFund toinstitutionsandeligiblehighnetworth individuals. ThePrivateFund invests inamixofprivate funds and ismanaged according to the objectives and policies described in itsofferingdocument (discussedmore fully in Item8). Wemaymanageother funds in thefuturewithinvestmentstrategiesthatmayormaynotbesimilartothoseofthePrivateFund.ManagedAssetsAsofDecember31,2019,Trilliummanagedapproximately$3,296millioninassetsfor1,590accountsonadiscretionarybasis.Trilliummanagedapproximately$36millioninassetsfor2accountsonanon‐discretionarybasis.NOTICEOFANIMPORTANTEVENTOnorabout June30,2020,wewillbecomeawholly‐owned subsidiaryofPerpetualLimited(“Perpetual”),oneofAustralia’smosttrustedandexperienced investmentmanagers,wealthmanagersandtrustees,withaheritageofserviceandtrustspanningover130years.Perpetualfully supportsand respects our firm’s legacy,missionand values,whichare critical to ourbusinesssinceitsfoundingin1982byJoanBavaria.Afterthetransaction,Trilliumwillnotbeownedbyourcurrentshareholdersthat includemanyofouremployees,andourCEO,MattPatsky,willreporttoPerpetual.Importantly,thistransactionbothenhancesourcapabilities

3

whilecontinuingtoallowourclientsanopportunitytoinvesttheirmoneyinalignmentwiththeirvalues.Perpetual is an Australian Stock Exchange (ASX)‐listed investmentmanagement, financialadvice and trustee group, offering a range ofmanaged investment, wealthmanagement,superannuationandtrusteeservicesforindividualsandinstitutionalinvestors.Thecompanywasfoundedin1886andhasalongstandingreputationasoneofthemosttrustedprovidersoffinancialservicesinAustralia.PerpetualiscommittedtoTrillium,ourclients,employeesotherstakeholdersandprinciplesandanticipatesmakingasignificantinvestmentinmarketinganddistributioninAustralia,theU.S.andEuropetoaccelerategrowth.Item5–FeesandCompensationTrilliummanagesassets forclientsseekingdiscretionaryportfoliomanagementservices.Eachclientreceivespersonalizedinvestmentmanagementservicesbasedonananalysisofthe client’s financial circumstances, income requirements, risk tolerance, investmentobjectivesandsocialconcerns.StandardFeeScheduleAnnualFeeforEquityandBalancedRelationships0.85%foramountsupto$5million0.50%foramountover$5millionFeesarepayablequarterlyinadvance.In lieu of the standard fee, above, a 15 basis points oversight feewill be charged forunaffiliatedmutual fundsorexchange‐traded funds(ETFs)used to implementyourassetallocation.MutualfundsandETFsalsochargeinternalmanagementfeesandotherexpensesthatthose fundsdisclose intheirrespectiveprospectus. Moneymarket fundsandsweepinstrumentsaresubjecttothestandardfee.Noadditionaloversightormanagementfeewillbechargedforanyaffiliatedmutualfunds,whereTrilliumismanagingthefundassets.Fees arebe subject tonegotiationdependingon account size and service requirements.Trilliumacceptscertainaccountsunder$3millionthatpayanegotiatedfeebasedonassetsundermanagement. Such accounts typically have similar investment goals and requirelimitedservicebyTrillium.Trilliumchargesadvisoryfeesquarterlyinadvancebasedonassetsundermanagementasofthelastdayofthepreviouscalendarquarter.Iftheclientapproves,thecustodiandeductsTrillium’sfeesfromtheclient’saccounts. Alternatively,clientscanchoosetobebilledforthe fees. Whendetermining theassetsundermanagement,weusea thirdpartypricingservicetodetermineportfoliovalue.Thepricingservicepricesalternativeinvestmentsatparormaturityvaluebecause such investmentsdonot trade inan existingmarket andbecauseordinaryinstrumentsarenotcomparablewiththealternativeinvestmentsdueto

4

theircharitablenature.Ifitbecomesapparentthattheissuerofthealternativeinvestmentisinfinancialdistressandcoulddefaultonpayment,Trillium'sValuationCommitteeshalldeterminethemarkdowntothevalueoftheinvestment.Trilliumwillrefundaprorataportionofanyfeespaidinadvancethataresubjecttorefundiftheaccountterminatesbywrittennotice.WrapFeeScheduleForclientsworkingwithTrilliumthroughawrapsponsor,thewrapsponsorpaysTrilliumaportionof thewrap feecollected. The investmentmanagement fee thatTrilliumcollectsfromthesponsorvaries,but inmostcasesis lowerthanTrillium’sstandardfee. Insomecases,clients’overallfeespaidtothesponsorwillbehigherthanTrillium’sstandardfee.ModelFeeScheduleTrilliumcollectsafeefromtheseparatelymanagedaccount(“SMA”)andUnifiedManagedAccount(“UMA”)platformsforwhichweprovidemodelportfolios.Thefeesarecalculatedandpayable inarrearsonaquarterlybasisbasedon thevalueofassetsusing themodelportfolios asdetermined by theplatform sponsor based on the individual sponsor’s feeschedule.PrivateFundFeeScheduleIn consideration for investmentmanagement services performed under the InvestmentManagementAgreement,thePrivateFundshallpayTrilliumtheManagementFeecollectedfromunderlyinginvestors.Themanagementfeewillbepaidquarterlyinadvanceandwillnot exceed 1.25% per annum of the aggregate unreturned Capital Contributions of theLimited Partners of the Private Fund. TheManagement Fee shall be prorated for anycalendarquarter that is less thana fullquarter. TheGeneralPartnerandemployeesofTrillium invest in the Private Fund and, in certain cases, do not meet the minimuminvestmentrequirements.TrilliumclientswhochoosetoinvestinthePrivateFundwillpayalowermanagementfeethaninvestorswhoarenotclientsofTrillium.

AdditionalFeeInformationTrillium’sfeesareexclusiveofbrokeragecommissions,transactionfees,andotherrelatedcostsandexpenses that clientswill incur. Clientswill incur certain charges imposedbycustodians,brokers,thirdpartyinvestmentandotherthirdpartiessuchasfeeschargedbymanagers,custodial fees,deferredsalescharges,odd‐lotdifferentials,transfertaxes,wiretransfer and electronic fund fees, and other fees and taxes on brokerage accounts andsecurities transactions. Mutual funds and exchange‐traded funds also charge internalmanagementfeesthatthosefundsdiscloseintheirrespectiveprospectus.Suchcharges,feesandcommissionsareexclusiveofandinadditiontoTrillium’sfee.Trilliumshallnotreceiveanyportionofthesecommissions,feesandcostsunlessTrilliumistheadvisororsub‐advisortosuchfunds.

5

TrilliumhiresChicagoClearingCorporation("CCC")toassistinprocessingclaimsandobtainingdistributionsfromsecuritiesclassactionsettlementsforadvisoryclients.CCCreceivesafeeof15%oftheproratashareofanysuchdistribution.Inaddition,Trilliumreceivesbenefitsincludingresearchproductsandservicesthroughitstradingrelationshipswithcertainbrokersinconsiderationofcommissionspaidbyclients.Attimes,thiswillcausethepricethefirmpaysinasecuritytransactiontobehigherthanthelowestpossibleprice.Item12furtherdescribesthefactorsthatTrilliumconsidersinselectingorrecommendingbroker‐dealersforclienttransactionsanddeterminingthereasonablenessoftheircompensation(e.g.,commissions).

Item6–Performance‐BasedFeesandSide‐By‐SideManagementTrilliumdoesnotchargeanyperformance‐basedfees(feesbasedonashareofcapitalgainsonorcapitalappreciationoftheassetsofaclient).

Item7–TypesofClientsTrilliumprovidesportfoliomanagementservicestovarioustypesofclients,includingindividuals,highnetworthindividuals,trusts,corporatepensionandprofit‐sharingplans,Taft‐Hartleyplans,charitableinstitutions,for‐profitandnon‐profitinstitutionalclients,foundations,endowments,registeredmutualfunds,pooledinvestmentvehicles,privateinvestmentfundsandtrustprograms.AsnotedinresponsetoItem4above,Trilliumalsoprovidesinvestmentmanagementservicestoaprivatefundforwhichanaffiliateservesasgeneralpartner.Theminimumrelationshipsizeforamanagedseparateaccountis$3,000,000.Trilliumprovideslimitedservicesforrelationshipsundertheminimum.Wrapaccountsandmodelaccountsarenotsubjecttotheminimumrelationshipsize.

Item8–MethodsofAnalysis,InvestmentStrategiesandRiskofLossMETHODSOFANALYSISTrilliumbelievesthatintegratingESGdataintotheinvestmentprocesscanhelpidentifythecompanieswebelievearepositionedbesttodeliverlong‐terminvestmentperformance.Currently,wehavetwoprimarywaysthatwepursuethisintegration.1)ByexaminingbasicquantitativeESGcharacteristicsaspartofourfront‐endprocesstodeterminethecompaniesavailableinouruniverse2)byincorporatingESGdataintothebottom‐upfundamentalresearchconductedbyouranalysts.Inadditiontonegativescreens,weemploypositiveESGintegration,shareholderadvocacy,proxyvoting,andpublicpolicyworkasanintegralpartofourstrategy.

6

AtTrillium,webelievethattheincorporationofEnvironmental,Social,andGovernance(ESG)factorsintofundamentalfinancialanalysiscanhelpidentifycompaniesthatappearbestpositionedtodeliverrisk‐adjusted,long‐terminvestmentperformance.Wehavefocusedonbringingthesefactorsintoouranalysissinceourfoundingin1982.Trillium’sinvestmentapproachgoeswellbeyondtraditionalexclusionaryscreeningtofocusinsteadonthepositiveintegrationofquantitativeandqualitativeenvironmental,social,andgovernance(ESG)dataalongsidefinancialanalysis.WeevaluateandscorecompaniesontheirESGperformance,whichouranalystsusetodeterminethecompaniesavailableinouruniverseandthecompanieswewishtoincludeinourbuy‐list.InadditiontoourESGperformanceassessmentsbasedonvariouspositiveandnegativescreens,weconsidershareholderadvocacy,proxyvoting,andpublicpolicyworkasintegralpartsofourstrategy.Generally,weinvestclientassetsinourstrategies.Someclientassetsareinvestedinexternallymanagedmutualfundsandexchange‐tradedfundsincaseswherewedonothavespecificexpertiseinanassetclass,oranappropriateinternalstrategy.GeneralEquityInvestmentProcessOurgeneralinvestmentprocessincludesseveralcomponentsincluding:aquality‐drivenresearchprocessthroughwhichideasaregeneratedforourBuyList(IdeaGeneration),athoroughanalysisandreviewofrecommendationsforourbuylist(In‐depthIntegratedResearch),andaportfolioconstructionprocessledbytheinsightsofourPortfolioManagersthatconsideramacroeconomicinputandareviewofadherencetoriskcontrolparameters(PortfolioConstruction).Webeginwithauniverseofliquid,publiclytraded,U.S.stocksandADRswithmarketcapitalizationsgreaterthan$250millionandthatpassourbaseexclusionaryESGcriteria

BaselinebusinessInvolvement&controversyScreening:

Trilliumavoidscompaniesthatderivesignificantrevenuesfromproducing,distributingormarketingfirearms,tobacco,gaming,weapons,orpornography.Weavoidcompaniesthathavedemonstratedasystematicdisregardfortheenvironment,workers,andhumanrights.Weavoidinvestinginthehardrockminingornuclearpowerindustries.Forcertainofourstrategies,weusea“bestinsector”approachtoreviewtheenvironmentalperformanceofoilandgasproductionanddistributioncompanies,aswellaselectricpowergenerationcompanies.ContactusforadetaileddescriptionofourESGcriteria.Excludefromconsiderationcompanieswithmaterialinvolvementinbusinessesthathavehigherrisk,suchas:

• AgriculturalBiotechnology• CoalMining• HardRockMining• Nuclear&CoalPower(*basedon%generationcapacity)• PrivatePrisons• TarSands

7

• Tobacco• Weapons&Firearms

Restrictcompanieswithmajorrecentorongoingcontroversiesinareassuchas:• AnimalWelfare• Environmental• Governance• HumanRights• ProductSafety

PositiveESGCriteriaandQualitativeConsiderations:

TrilliumalsointegratespositiveESGcriteriaintheinvestmentprocess.RelevantcriteriaisindustryorsectorspecificandisbasedonbenchmarkingcorporateperformanceinthekeyESGissuesidentifiedbyanalystteamsforeachindustrytheycover.InadditiontotheESGbenchmarkingprocessthatprovidesmeaningfulinsightsintohowwellcompaniesperformrelativetotheirpeersonthecriticalfactorsthatcanbequantitativelyevaluated,Trilliumanalystsalsoincorporatein‐depthqualitativeresearchandanalysis,suchasinterviewswithpersonnelfromcorporations,tradeassociations,non‐governmentalorganizationsaswellasouranalysts’interpretationsofrelevantsectorandseculartrends.

IdeaGenerationTrillium’sfundamentalequityanalysts,whodividecoveragebysector,areresponsibleforprovidingin‐depthanalysisofcompaniesandgeneratingnewbuyideasconsistentwithourhigh‐qualityapproach.Weconductafinancialandbusinessmodelreview,evaluatingthefollowingcharacteristics:

FinancialReturnsonInvestment BusinessStrategyStrength GrowthandEarningsQuality ProfitabilityandEfficiency FinancialLeverage

Weseektoidentifycompaniesthatwebelievearestrategicleaders,basedonbusinessmodelsthatwethinkaresuperiorandthatdemonstratetheabilitytocreateconsistentearningsgrowth.Inaddition,welooktoidentifycompanieswithstrongboardandmanagementquality,transparentandconservativefinancialreporting,andbettermanagementofESGrisks.Weuseavarietyofsourcestoidentifythesecompanies.Wefrequentlyconductbenchmarkanalysesrelativetocaptier,country,andindustryorsub‐industrytoseewhereweneedadditionalexposurebasedonourcurrentBuyList.WealsooftenuseathematicapproachtoidentifycompaniesthataretakingadvantageofhighgrowthESGtrends,suchashealthyliving,energyefficiency,datasecurity,andsustainablefoods.WelookatkeymetricsofFinancialOperatingPerformanceincludingROIC,ROEandROA,aswellassupportingmetricssuchasrevenuegrowth,marginperformance,operatingefficiency,earningsquality,returnofcapitaltoshareholders,andbalancesheetstrengthandstability.OurFinancialStatementQualityToolcalculatesavarietyoffinancialstatementratiosandmetricstohelpanalystsmonitorfinancialhealth,including:B/Sand

8

C/Fstatementaccrualsratios,revenuestocashcollected,GrossPP&EtoDepreciationExpenseandDepreciationExpensetoSales,DSO,DIOandCashConversionCycle,GrossMargin,andCoreOperatingMargin.Analystsalsoattendcompanyinvestormeetings,sell‐sideconferences,andindustryconferenceswheretheyseektoidentifypotentialnamesthroughtheirnetworkofprofessionalconnections.In‐depthIntegratedResearchOnceanalystsdeterminethatspecificnameslookpromisingforfurtherresearch,theybeginanin‐depthfundamentalresearchprocessthatincludesfullESGintegration.AspartofthisresearchprocessanalystsprepareorupdateanindustryESGmaterialityreview.Thisincludesa“materialitymatrix”whichhelpsidentifythespecificESGissuesthataremostmaterialtoaparticularsub‐industry,basedonhavingbothhighstakeholderconcernandfinancialrisk.Someissuesarespecifictoaparticularindustry,suchas“accesstomedicine”fordrugcompanies.Otherissuesarepertinentacrossmanyindustries,suchas“executivecompensation”and“boarddiversity.”Oncetheprimaryissuesareidentified,analystswilldeterminethebestsourceofinformationfortheparticularissueandidentifyleadingpractices.Thenanalystswillconductacomparativeanalysistodeterminearankingofcompaniesinselectedsubgroups.Analystsconductathoroughvaluationassessment,generallyusingablendofvaluationapproachesandassigningpercentageweightsbasedonthebestfitfortheindustryunderreview.Approachesmayincludeadiscountedcashflowanalysis,P/E,pricetobook,andpricetofreecashflow.Asanalystsworkthroughthisreview,theymaydecidethatanameisnotworthfurtherwork,basedonfinancialorESGconcernstheyuncover.BuyListApprovalOnceanalystsgainconvictionwithaparticularname,theyprepareafullcompanywrite‐uptopresenttoTrillium’sInvestmentManagementCommittee(IMC).OurIMC,chairedbyourCIO,ismadeupofallportfoliomanagersandanalystsandamajorityvoteisrequiredtoapprovenewnamestoourcompanyBuyList.Theresearchreportincludesthekeystrategicaspectsofacompany’sbusiness,thefinancialoperationsreview,valuationandriskassessment,andESGanalysis.FromthisBuyList,portfoliomanagerswillengageinaportfolioconstructionprocessthatincludesadherencetospecificriskcontrolparameters.Thespecificsoftheportfolioconstructionprocessvarysomewhatbasedonthestrategy.FixedIncomeInvestmentProcessTrillium’sFixedIncomeStrategycombinesamacro‐viewwithindividualfixedincomesecurityselectionandincorporatesbothnegativeandpositiveEnvironmental,Social,andGovernance(ESG)criteria.Thestrategyoffersbothtaxableandtax‐exemptoptions,dependingontheneedsoftheclient.Agencyandmunicipalbondsareselectedwithconsiderationofthepositiveaspectsoffundingprovided:education,sanitation,cleanenergy,etc.Corporatebondsareselected,inpart,basedontheESGprofileoftheissuingcompany.Theportfoliotypicallyholdsbonds

9

untilmaturityorcall.ItmayusestructurednotesatattractiveOptionAdjustedSpreadtopickupyieldandprotectagainstrisingrates.Theportfolioseekstoidentifyhighqualitybondholdingswiththefollowingcharacteristics:

Highcreditquality Intermediateduration Agencyandmunicipalbondsselectedinpartbasedonpositiveaspectsof

fundingprovided:education,sanitation,cleanenergy,etc. Proactivelyincludes“GreenBond”exposure,includingWorldBankandIFC

GreenBondsPrivateFundInvestmentProcessThePrivateFundseekstoinvestinprivateequityanddebt,ventureequityanddebt,andrealestateandrealestaterelatedassetsinsustainableenterprisesacrossthreebroadthematicareas:climatesolutions,economicempowermentandhealthyliving.INVESTMENTSTRATEGIESTrilliumoffersthefollowinginvestmentstrategies:LARGECAPCORELargeCapCoreinvestsinlargecapstocksthatarewelldiversifiedacrosseconomicsectorsandmeetTrillium’ssustainabilitycriteria.Thestrategydrawsfromasub‐setofTrillium’sBuyList:USandADRcompaniesgenerallylargerthan$1.5billioninmarketcap.TheequitybenchmarkistheS&P500.ALLCAPCOREAllCapCoreinvestsacrosstherangeofmarketcapitalizationsandeconomicsectorsincompaniesthatmeetTrillium’ssustainabilitycriteria.TheequitybenchmarkistheS&P1500.GLOBALEQUITYGlobalEquityinvestsindevelopedoremergingmarketequitiesofanycapitalization,withaminimumof40%ofnetassetsinnon‐U.S.companies.ThisstrategyisspecificallydesignedtobeFossilFuelFree.TheperformancebenchmarkistheMSCIAllCountryWorldIndex.SMALL/MIDCAPCORESmall/MidCapCoreinvestsinsmallandmidcapstocksthatarewelldiversifiedacrosseconomicsectorsandmeetTrillium’ssustainabilitycriteria.TheequitybenchmarkistheS&P1000.FOSSILFUELFREECORE

10

FossilFuelFreeCoreinvestsacrossarangeofmarketcapitalizationsandeconomicsectorsincompaniesthatmeetTrillium’ssustainabilitycriteria.Thisstrategyhasnodirectexposuretofossilfuels.ThebenchmarkforthestrategyistheS&P1500.SUSTAINABLEOPPORTUNITIESTheSustainableOpportunitiesstrategyseekstoprovidelong‐terminvestmentgrowthbyinvestingincompaniespositionedtothriveaswetransitiontoamoresustainableeconomy.SustainableOpportunitiesisagrowth‐seekingsustainability‐themedinvestmentdisciplineforinvestorswithalong‐termtimehorizonandawillingnesstoaccepthigher‐than‐averagevolatilityrelativetostandardequitybenchmarks.Thishighconvictionstrategyisdesignedtoprovidehigherbenchmarktrackingerrorandnosetsectorconstraints.TheequitybenchmarkistheS&P1500.GROWTHANDINCOMEGrowthandIncomeinvestsinlargercapstocksthatarewelldiversifiedacrosseconomicsectors,havehigherdividendyields,andmeetTrillium'ssustainabilitycriteria.TheequitybenchmarkistheS&P500.FIXEDINCOMEFixedIncomeisawell‐diversified,activelymanaged,US‐corebondstrategy—managedforallmarketenvironments.Trillium’sFixedIncomeStrategycombinesamacro‐viewwithindividualfixedincomesecurityselectionandincorporatesbothnegativeandpositiveEnvironmental,Social,andGovernance(ESG)criteria.OTHERWealsomanageaccountswithcommunityinvestments,othertypesofcash,andprivateequity.Trilliummanagesafundoffundsconsistingprimarilyofprivateequityanddebt,ventureequityanddebtandrealestateandrealestaterelatedinvestmentsinsustainableenterprises.Trilliumoccasionallyoffersadviceoncommunityloanfunds,loanfundparticipationsandsimilaralternativeinvestments.Clientsinvestinginsuchinstrumentsreceiveaseparatedisclosuredocument.DomesticEquityPortfolioConstructionTheportfoliomanagementteamforeachdomesticequitystrategywillengageinaportfolioconstructionprocessthatincludesadherencetospecificriskcontrolparameters.Thespecificsoftheportfolioconstructionprocessvarysomewhatbasedonthestrategy.Thereisaformalrebalancingsessioneachquarter;althoughthemodelportfolioischangedmoreoftenifnecessarybasedonconcernsaboutaspecificholdingorachangeinthemacroeconomicview.Wearelong‐terminvestors,withathree‐tofive‐yearinvestmenthorizon.Ouraimistokeepportfolioturnovertoroughly20‐40%peryear.Forourcorestrategies,theemphasisofportfolioconstructionisondiversificationof"bets"withinarigorousrisk‐controlframework.Riskcontrolsincludeamaximumsizeposition,

11

maximumsectorweightdeviations,anex‐antetrackingerrortargetrange,andongoingreviewofportfolioincomparisonwithkeybenchmarkcharacteristics.Wemakeuseofoptimizationsoftwarewhichallowsustocreateatailoredportfoliowiththehighestpossibleexpectedalphaforagivenlevelofbenchmark‐relativerisk,whilemeetingthevariousportfolio‐specificconstraints.Analystscreatealphascoreswhichcombinemultipleinputs,includinginternallygeneratedfundamental,valuation,andmomentumfactors,intoarelativerankingbasedonamedium‐termoutlook.Theoptimizationprocessbalancesourproprietarycompositealphascore,withinformationaboutstock‐specificandfactor‐basedrisk.Astheteamworkstoconstructaportfolio,theyreviewthesuggestedportfolio’sexpectedalphaandtrackingrisk,andtheyusetheoptimizationsoftwaretoensurethattheyarenottakingexcessivebetsinsectorweights,portfoliocharacteristics,oroveralltrackingerror.Theportfolioteamforeachdomesticequitystrategyengagesinadiscussionandreviewbasedontheirownviewofthemarketandexpectationsforspecificportfolionames.Someofthefactorsthatportfoliomanagersconsiderwhenmakingbuysoradditionstoexistingpositionsarevaluation,analystconviction,andtheimpactofacompanyonoverallportfoliocharacteristics.TheportfolioteamdeterminesafinalportfoliofromtheavailablenamesintheBuyList.Portfoliosizecanrangefrom50‐120stocks,dependingonthestrategy.Whilewedouseateam‐basedapproachforportfolioconstruction,iftheportfolioteamasawholecannotmakeanagreement,theleadportfoliomanagerhasthefinaldecisionmakingresponsibility.Onoccasionanalystsarealsobeaskedtorecommendaspecificstockswapideainbetweenmodelingsessionstohelpmakeinterimadjustmentstotheportfolio(suchasshiftingsectorweights).Animportantstepintheportfolioconstructionprocessistheconsiderationandconstructionofourmacro‐economicanalysis,asoverseenbyourManagingPartnerCherylSmith,PhD.Thisformalquarterlyanalysis(ormorefrequentlyaseventsrequire)concludeswithdisseminatedrecommendationsviaemailtoportfoliomanagersandotherIMCmemberstounderoroverweightsector(eachofthe11majorsectorsoftheequitymarket)allocations.Daily,weeklyandmonthly,ourfixedincomeandmacroteamledbyCherylSmithmonitorsthecurrentmacroeconomicenvironment,developingcycles,andrelatedtrendsbyevaluatinginsightsfromindependentresearchprovidersalongwithinternally‐derivedinsightsandobservations.Assuch,sheregularlyconsultswithseniormembersofTrillium’sIMC,includingourCIO,inconstructingheranalysis.Thekeyinputsintothemacro‐economicanalysisarestrategycycle,valuation,andstructuralfactors.Theportfolioteamthenintegratesthefindingsofthemacroeconomicreviewintothequarterlyrebalancingprocessormoreoftenifinterimrepositioningisrecommended.Theresultingportfolio’ssectorallocationwillbebasedonanintegrationofthistop‐downviewwiththebottom‐upassessmentofopportunityatthestocklevel.Thereviewalsohelpsusidentifywhichtypesofcompanies(suchasdefensive)wewishtoemphasizewithinasectoratanyparticularpointintime.Whilesomestrategiesaremoremacrodriventhanothers,allstrategiesseektoaddvalueprimarilythroughstockselection.

12

GlobalEquityPortfolioConstructionTrilliumGlobalEquitystrategyisspecificallydesignedtobeFossilFuelFree.TheinvestmentteamfortheGlobalEquitystrategylooksforaspecificdefinitionof“globalleaders”astheydrawfromtheTrilliumBuyList.Thisassessmentofleadershipincludesbothfinancialcriteriaandenvironmentalcriteria.ThefinancialcriteriaincludehighROIC,positiveeconomicreturns,cashflowsgreaterthanorequaltonetincome,highrelativemargins,earningsgrowthandstability,andlowrelativedebtlevels.Theenvironmentalcriteriaincludelife‐cycleanalysis,sustainablerawmaterialsources,environmentalmanagementsystemandstrategies,climatechangepolicy,andresearchanddevelopment.Companiesmustmeetspecificminimumhurdlesrelatedtothesecriteriatobeincludedinthefinalportfolio.FromourBuylist,PortfolioManagersselectcompanieswithimprovingfundamentals,attractivevaluation,impendingcatalystsforgrowth,andappropriatediversification.OurGlobalEquitystrategyisevaluatedagainstthebenchmarktoidentifyandoptimizetherisk/returnprofileoftheportfoliobutthestrategydoesnotuseoptimizationsoftwareasariskmanagementtool.ThePortfolioisconstructedwithconsiderationforkeyguiderailsforsectorweights,countryweights,regionalexposure,andmarketcapbreakdownsandgenerallyholds70‐150names.Theglobalmacroenvironmentisconsideredwhendeterminingappropriategeographicalexposures.ThePortfolioManagersregularlyreviewtheportfoliotodeterminewhethercompaniesrepresenttheirbestideasatanyparticularpointintimeandlookingatkeyportfolioexposuresandcharacteristicsversusthebenchmark.TheselldisciplineresultsinatradewhenthePortfolioManagers1)seeabreakdowninfundamentals2)believeaholdingrequiretrimmingbasedonrisingvaluationbeyondexpectations3)identifybetterrelativeopportunitiesor4)recognizemajornewconcernswithacompany’sESGprofile.FixedIncomePortfolioConstructionDuringportfolioconstruction,wedevelopamodelportfolio,withaladderedapproach,whereweinvestinissuesacrossthedurationspectruminordertoachieveouroveralldurationtarget.Thisleadstomoreorlessconcentrationatcertaindurationrangesdependingonourtarget.Onatleastaquarterlybasis,ourfixedincometeam,ledbyCherylSmithPhD,determines:

Durationtargets Marketsectortargets Creditqualitygoals Maturitystructure

Ourtypicalpositionrangeisbetween5‐10%,withamaxpositionsizeof15%.PrivateFundPortfolioConstructionInvestmentsinthePrivateFundaresubjecttothefollowinglimits:

13

Notmorethantwentypercent(20%)ofthePrivateFundascalculatedattheFinalClosingDate,willbeinvestedinPartnershipInvestments(measuredatthetimeofinvestment)inInvestmentFundsmanagedbyasinglegeneralpartnerand/ormanagerorprivateequitysponsor.

Notmorethantwentypercent(20%)ofthePrivateFundascalculatedattheFinalClosingDatewillbeinvestedinPartnershipInvestments(measuredatthetimeofinvestment)inthefirstInvestmentFundmanagedbyageneralpartnerand/ormanagerorprivateequitysponsor.

Notmorethantenpercent(10%)ofthePrivateFundascalculatedattheFinalClosingDatewillbeinvestedinPartnershipInvestments(measuredatthetimeofinvestment)representinghighimpact,belowmarketratereturninvestments.

Notwithstandingtheforegoing,theGeneralPartnerhasthediscretiontodirectTrilliumtoexceedthepercentagelimitationsinclausesaboveifitmakesagoodfaithdeterminationthatsuchadditionalinvestmentisinthebestinterestsofthePrivateFund.

RISKOFLOSSTrilliumdoesnotguaranteethefutureperformanceofanyclientaccount.Clientaccountsaresubjecttoavarietyofmarket,currency,economic,politicalandbusinessrisks,andthereisariskthatanaccountwilllosemoney.Investinginsecuritiesinvolvesriskoflossthatclientsshouldbepreparedtobear.Thefollowingprincipalriskscanalsoaffectthevalueofyourinvestment:

GeneralMarketRiskEconomiesandfinancialmarketsthroughouttheworldareincreasinglyinterconnected,whichincreasesthelikelihoodthateventsorconditionsinonecountryorregionwilladverselyimpactmarketsorissuesinothercountriesorregions.Generalmarketriskmayaffectasingleissuer,industry,sectoroftheeconomyorthemarketasawhole.Intherecentpast,globalfinancialmarketsexperiencedsevereuncertaintyandstress,whichresultedinextremevolatilityintheequitymarketsandinthepricesofindividualstocks.Insomecases,thepricesofstocksofindividualcompanieswerenegativelyimpactedeventhoughtheremayhaveappearedtobelittleornodegradationinacompany’sfinancialconditionsorprospects.Thesemarketconditionscouldrecurandaddsignificantlytotheriskofshort‐termvolatilityofinvestments. LiquidityRiskTraditionallyliquidinvestmentsmayexperienceperiodsofdiminishedliquiditythatmayimpairourabilitytosellsuchinvestmentsatreasonablyexpectedvalues.RegulatoryRisk

14

Governmentalandregulatoryactions,includingtaxlawchanges,mayalsoimpairportfoliomanagementandhaveunexpectedoradverseconsequencesonparticularmarkets,strategies,orinvestments.PrivateFundRiskInvestmentsinprivatefundsarespeculativeandinvolvesubstantialrisk,includingtheriskthattheinvestorcouldlosesomeorallofitsinvestmentinsuchfunds.Themainareasofriskinclude:

LiquidityRisk.Thereisariskthatduetomarketconditions,thePrivateFundoroneormoreunderlyingfundsmaybeunabletohonorawithdrawalrequestandwill,asaresult,suspendwithdrawals,ortakeotheractionsthatlimittheabilitytoobtainthecashrequiredtofundwithdrawals.

ValuationRisk.InvestmentsheldbythePrivateFundorunderlyingfundsarenotpubliclytradedorareilliquid.Thefairvalueofsuchinvestmentsmaynotbereadilydeterminableandwillrequiretheexerciseofsomemeasureofdiscretioninarrivingatavaluation.WhenevertheFairValueisrequiredtobedetermined,theGeneralPartner,initssolediscretion,shalldeterminesuchFairValueinareasonablemanner,anditshallbereasonablefortheGeneralPartnertorelyuponanyvaluationofpropertyfurnishedbyanInvestmentFund.Determinationsoffairvaluemaydiffermateriallyfromthevaluesthatwouldhavebeenusedifareadymarketfortheinvestmentsexisted.Moreover,theactualpriceatwhichaninvestmentissold(orcouldbesold)maydifferfromthedeterminedFairValue.

EquityRiskThisistheriskthatstockpriceswillfallovershortorextendedperiods.Althoughthestockmarkethashistoricallyoutperformedotherassetclassesoverthelongterm,thestockmarkettendstomoveincycles.Individualstockpricesmayfluctuatedrasticallyfromday‐to‐dayandmayunderperformotherassetclassesoveranextendedperiod.Individualcompaniesmayreportpoorresultsorbenegativelyaffectedbyindustryand/oreconomictrendsanddevelopmentsandthepricesofsecuritiesissuedbysuchcompaniesmaysufferadeclineinresponse.Thesepricemovementsmayresultfromfactorsaffectingindividualcompanies,industriesorthesecuritiesmarketasawhole.Investorperceptionsmayimpactthemarketandarebasedonvariousandunpredictablefactorsincludingexpectationsregardinggovernment,economic,monetaryandfiscalpolicies;inflationandinterestrates;economicexpansionorcontraction;andglobalorregionalpolitical,economicandbankingcrises.Ifyouholdcommonstocksofanygivenissuer,youwouldgenerallybeexposedtogreaterriskthanifyouholdpreferredstockordebtobligationsoftheissuerbecausecommonstockholdersgenerallyhaveinferiorrightstoreceivepaymentsfromissuersincomparisonwiththerightsofpreferredstockholders,bondholdersandothercreditorsofsuchissuers.InvestmentManagementRisk

15

Wemayfailtoimplementtheinvestmentstrategiesand/ormeetanaccount’sinvestmentobjectives.LargeCompaniesRiskLargecompanystockriskistheriskthatstocksoflargercompaniesmayunderperformrelativetothoseofsmallandmid‐sizedcompanies.Larger,moreestablishedcompaniesmaybeunabletorespondquicklytonewcompetitivechallenges,suchaschangesintechnologyandconsumertastes.Manylargercompaniesmaynotbeabletoattainthehighgrowthrateofsuccessfulsmallercompanies,especiallyduringextendedperiodsofeconomicexpansion.SmallandMid‐SizedCompanyRiskInvestmentsinsmallerandmid‐sizecompaniesmaybespeculativeandvolatileandinvolvegreaterrisksthanarecustomarilyassociatedwithinvestmentsinlargercompanies.Manysmalltomid‐sizecompaniesaremorevulnerablethanlargercompaniestoadversebusinessoreconomicdevelopments.Securitiesofthesetypesofcompaniesmayhavelimitedliquidityandtheirpricesmaybemorevolatile.Theymayhavelimitedproductlines,marketsorfinancialresources.Newandimprovedproductsormethodsofdevelopmentmayhaveasubstantialimpactontheearningsandrevenuesofsuchcompanies.Anysuchpositiveornegativedevelopmentscouldhaveacorrespondingpositiveornegativeimpactonthevalueoftheirshares.ForeignSecuritiesandEmergingMarketsRiskForeignsecurities,includingADRs,GDRs,tendtobemorevolatileandlessliquidthanU.S.securities.Further,foreignsecuritiesmaybesubjecttoincreasedrisksduetodifferencesinthepolitical,social,andeconomicenvironmentabroad,aswellasduetodifferencesbetweenUnitedStatesandforeignregulatory,accounting,andauditingstandardsand,inthecaseofforeigncurrencydenominatedsecurities,fluctuationsincurrencyexchangerates.Theserisksareincreasedinemergingmarkets. Inaddition,foreignmarketscan,andoftendo,performdifferentlythanU.S.markets.Giventheglobalinterrelationshipsoftoday’seconomy,volatilityorthreatstostabilityofanysignificantcurrency,suchasoccurredintherecentpastwiththeEuropeanMonetaryUnion,orsignificantpoliticalinstability,mayaffectothermarketsandaffecttheriskofaninvestmentinaFund.Changesinforeigntaxlaws,exchangecontrols,investmentregulationsandpoliciesonnationalizationandexpropriationaswellaspoliticalinstabilitymayaffecttheoperationsofforeigncompaniesandthevalueoftheirsecuritiesEnvironmental,Social,andGovernancePolicyRiskESGpoliciescouldcauseanaccounttoperformdifferentlycomparedtosimilarportfoliosthatdonothavesuchpolicies.TheapplicationofESGstandardsmayaffectaportfolio’sexposuretocertainissuers,industries,sectors,andfactorsthatmayimpacttherelativefinancialperformanceoftheportfolio–positivelyornegatively–dependingonwhethersuchinvestmentareinoroutoffavor.

16

Fixed‐IncomeRiskFixed‐IncomePortfoliosandfixed‐incomesecuritiesgenerallyhavefourmainareasofrisk:

•CreditorDefaultRisk.Anaccountmaylosemoneyifanissuerofabondisunableorunwillingtomaketimelyprincipaland/orinterestpaymentsortohonoritspaymentobligations.Further,whenanissuersuffersadversechangesinitsfinancialconditionorcreditrating,thepriceofitsdebtobligationsmaydeclineand/orexperiencegreatervolatility.Achangeinfinancialconditionorcreditratingofafixed‐incomesecuritycanalsoaffectitsliquidityandmakeitmoredifficultforanaccounttosell.•InterestRateRisk.Thevalueofabondmaydeclineduetoanincreaseintheabsolutelevelofinterestrates,orchangesinthespreadbetweentworates,theshapeoftheyieldcurveoranyotherinterestraterelationship.Longer‐termbondsaregenerallymoresensitivetointerestratechangesthanshorter‐termbonds.Generally,thelongertheaveragematurityofthebondsheldbyanaccount,themoretheaccount’svaluewillfluctuateinresponsetointerestratechanges.•PrepaymentRisk.Anaccountmayexperiencelosseswhenanissuerexercisesitsrighttopayprincipalonanobligationheldbytheaccountearlierthanexpected.Thismayhappenduringaperiodofdeclininginterestrates.Underthesecircumstances,theaccountmaybeunabletorecoupallofitsinitialinvestmentandwillsufferfromhavingtoreinvestinloweryieldingsecurities.Thelossofhigheryieldingsecuritiesandthereinvestmentatlowerinterestratescanreduceanaccount’sincome,totalreturn,andshareprice.Ratesofprepayment,fasterorslowerthanexpected,couldreduceanaccount’soverallyield,increasethevolatilityoftheaccountand/orcauseadeclineinvalue.•MunicipalSecuritiesRisk.Theyieldsofmunicipalsecuritiesmaymovedifferentlyandadverselycomparedtoyieldsoftheoveralldebtsecuritiesmarkets.Therecouldbechangesinapplicabletaxlawsortaxtreatmentsthatreduceoreliminatecurrentfederalincometaxexemptiononmunicipalsecuritiesandotherwiseadverselyaffectthecurrentfederalorstatetaxstatusofmunicipalsecurities.Suchchangesalsomayadverselyaffectthevalueofmunicipalsecuritiesownedbyanaccountand,asaresult,theoverallvalueoftheaccount.

CommunityInvestmentRiskPromissoryNotesIssuedbyLoanFundsandNon‐ProfitOrganizations

Promissorynotesissuedbyloanfundsandnon‐profitorganizationstypicallyinvolveanuncollateralizedanduninsuredpromisetopay.Theissuerisonlyobligatedtorepaytheprincipalatmaturitywithinterestpayableatstated

17

times.ThepromissorynotesarenotsecuritiesregisteredwiththeSecuritiesandExchangeCommissionandratingagenciesdonotnormallyratethem.Theyareilliquid,donottradeonanopenmarketandarenotconsideredinvestmentgradesecurities.Theinterestratestheycarryaretypicallybelowmarketratesalthoughtheymaybecompetitivewithshort‐terminstruments.Accordingly,youshouldnotexpectthesepromissorynotestogeneratereturnsthatarecompetitivewithequitiesorotherlong‐termdebtinvestments.Trilliumwillpricethesenotesat“par,”theoriginalamountoftheloanmadetotheorganization.Trilliumdoesnotadjustthestatedvalueofthenotetoreflectrisk,durationandrelationshiptomarketinterestrates.Thismayover‐valuethenotesonyourTrilliumstatements.Accordingly,thevalueofyourportfoliousedtocalculatemanagementfeesincludesthesenotesatparormaturityandnotatafairmarketvalue,whichmaybelower.Trilliumbelievesthisisappropriatebecauseoftheeffortrequiredtolocate,screenandmonitorthenotesthatdonottradepublicly.

CertificatesofDepositIssuedbyDevelopmentBanksandCreditUnions

Developmentbanksandcreditunionsissuecertificatesofdeposit(“CDs”)thatarenotregisteredwiththeSecuritiesandExchangeCommission.CDsdonottradeonanopenmarketand,onceyouinvestinaCD,youusuallyholdituntilmaturity.InterestearnedonaCDwillbeamarketrateorbelowasdeterminedattheoutsetoftheinvestment.ACDmaybe“broken”orredeemedatanytime.However,theissuinginstitutionmaychargeapenaltyforsuchanearlywithdrawal.TheFederalDepositInsuranceCorporationoranotherinsurermayinsurecertainCDsforupto$250,000.TrilliumwillpricetheseCDsatfacevalueor“par,”theoriginalamountoftheinvestment.TrilliumdoesnotadjustthestatedvalueoftheCDtoreflectrisk,durationandrelationshiptomarketinterestrates.Thismayover‐valuetheCDsonyourTrilliumstatement.Accordingly,thevalueofyourportfoliousedtocalculatemanagementfeesincludestheseCDsatfacevalue,notatafairmarketvalue,whichmaybelower.

PotentialConflictofInterest

AspartofTrillium’ssocialcommitment,representativesofTrilliumoftensitontheBoardsofDirectorsofnon‐profitsandothermissionrelatedorganizations.TrilliumalsopermitsanemployeetoserveonotherBoardsofDirectors.Trilliumwillinformaclientofanysuchrelationship,ifrelevant,beforeinvestingtheclient’sassetsininstrumentsissuedbyanorganizationorcompanythathasaTrilliumrepresentativeonitsBoard.

18

Item9–DisciplinaryInformationRegisteredinvestmentadvisersarerequiredtodiscloseallmaterialfactsregardinganylegalordisciplinaryeventsthatwouldbematerialtoyourevaluationofTrilliumortheintegrityofTrillium’smanagement.NeitherTrillium,noritspersonnel,hasanydisciplinary,administrative,regulatory,criminal,civilorotherwisereportablehistorytodisclose.

Item10–OtherFinancialIndustryActivitiesandAffiliationsCertainclientsreceiveinformationfromTrillium'sAdvocacyteamthatidentifiesthepoliciesandpracticesofcorporatemanagementsconcerningsuch issuesasemploymentpolicies,environmental policies, investment in third world countries, product quality and type,minorityownershipandmanagementparticipation,women inmanagement,orcharitablegifting.Trilliumprocuresinformationfromnon‐profitresearchentities,publicinformationprovided by companies, for‐profit independent research, print or other media,questionnairesanddirectresearchintocompanies.AffiliationsTrilliumImpactGP,LLCisanaffiliateofTrilliumandisthegeneralpartnertothePrivateFund.SomeTrilliumclients(whoare“accreditedinvestors”withinthemeaningoftheU.S.SecuritiesActof1933,asamended,and“qualifiedclients”withinthemeaningofRule205‐3undertheInvestmentAdvisersActof1940,asamended)areinvestedinthePrivateFund.ThegeneralpartnerappointedTrilliumtoprovideinvestmentmanagementservicestothePrivateFund.ClientsinvestinginOrganizationswhereTrilliumemployeeisontheboardAspartofTrillium’smission,itencouragesitsemployeestoparticipateinandsupportcommunity‐basedactivities.Asaresult,fromtimetotime,anemployeeofTrilliumsitsontheboardand/orakeydecisionmakingcommitteeofanon‐profitand/oracommunitydevelopmenttypeorganizationinwhichaclienthasmadeaninvestment.TrilliummanagingpartnerandCEOMatthewPatskyisamemberoftheboardofdirectorsofSharedInterest,anorganizationthatTrilliumhasinvestedassetsinonbehalfofcertainclients.Mr.PatskywillabstainfromanyvotesoftheBoardofSharedInterestthatdirectlyandspecificallyrelatetoaninvestmentofaclientofTrillium.ItisusuallySharedInterest’spracticetopoolfundsreceivedfromsupporters.TrilliumdoesnotconsiderthatdecisionsmadebytheBoardofSharedInterestconcerningtheoverallmanagementoftheorganizationdirectlyimpactinvestmentsorloansofanyTrilliumclient’sinvestment.OrganizationsutilizingTrilliumasanInvestmentManagerwhereaTrilliumemployeeisontheboard

19

Certainnon‐profitclientshavesoughttheexpertiseandexperienceofTrilliumemployeesfortheirBoardsorstandingcommittees.TrilliummanagingpartnerandCEOMatthewW.PatskyservesontheBoardoftheEnvironmentalLeagueofMassachusetts(ELM).ELMisaninvestmentmanagementclientofTrillium.Mr.PatskywillabstainfromanyvotesoftheBoardofELMrelatedtoitscontractwithTrilliumforinvestmentmanagementservices. Item11–CodeofEthicsTrilliumadoptedaCodeofEthics("theCode")tosetcertainguidelinesrequiringallemployeestoactinaccordancewiththeirfiduciarydutytoTrillium'sclientsandtocomplywithapplicablelawsandregulations.TheCoderequiresthatemployeesconductthemselveswithhighethicalstandardsbasedonintegrity,honestyandtrust.TheCodeprohibitstransactionsthatbenefittheemployeesattheexpenseofanyclient.Employeesmustpre‐clear(1)personaltradesgreaterthan$5,000incoveredsecuritieswithmarketcapitalizationsupto$4billion,(2)personaltradesgreaterthan$100,000incoveredsecuritieswithmarketcapitalizationsover$4billionand(3)anytransactioninvolvingalimitedofferingorinitialpublicoffering.Certainemployeetradesaresubjecttoblackoutperiods.Certainsecurities,suchasU.S.governmentobligations,bonds,mutualfundsandexchange‐tradedderivativesarenotsubjecttothepersonaltraderestrictionsandpre‐clearancerequirements.Allemployeesandpartnersaswellasdirectors,whohaveaccesstocertainnonpublicinformationorprovideinvestmentadvisoryservicestoclients,mustacknowledgethetermsoftheCodeofEthicsannually,orasamended.Trilliumanticipatesthat,inappropriatecircumstances,consistentwithclients’investmentobjectives,itwillcauseaccountsoverwhichTrilliumhasmanagementauthoritytoeffect,andwillrecommendtoinvestmentadvisoryclientsorprospectiveclients,thepurchaseorsaleofsecuritiesinwhichTrillium,itsaffiliatesand/orclients,directlyorindirectly,haveapositionofinterest.Trillium’semployeesandpersonsassociatedwithTrilliumarerequiredtofollowTrillium’sCodeofEthics.Subjecttosatisfyingthispolicyandapplicablelaws,officers,directors,managingpartnersandemployeesofTrilliumanditsaffiliatesarepermittedtotradefortheirownaccountsinsecuritiesthatTrilliumrecommendstoand/orpurchasesforclients.TheCodeofEthicsisdesignedtoassurethatthepersonalsecuritiestransactions,activitiesandinterestsoftheemployeesofTrilliumwillnotinterferewith(i)makingdecisionsinthebestinterestofadvisoryclientsand(ii)implementingsuchdecisionswhile,atthesametime,allowingemployeestoinvestfortheirownaccounts.TheCodedesignatescertainclassesofsecuritiesasexempttransactions,baseduponadeterminationthatthesewouldnotinterferemateriallywiththebestinterestofTrillium’sclients.Inaddition,theCoderequirespre‐clearanceofmanytransactions,andrestrictstradingincloseproximitytoclienttradingactivity.Nonetheless,becausetheCodeofEthicsinsomecircumstanceswouldpermitemployeestoinvestinthesamesecuritiesasclients,thereisapossibilitythatemployeesmightbenefitfrommarketactivitybyaclientinasecurityheldbyanemployee.TrilliumregularlymonitorsemployeetradingundertheCodeofEthicstotrytopreventconflictsofinterestbetweenTrilliumanditsclients.

20

Trillium’sclientsorprospectiveclientscanrequestacopyofthefirm'sCodeofEthicsbycontactingus.ItisTrillium’spolicythatthefirmwillnoteffectanyprincipaloragencycrosssecuritiestransactionsforclientaccounts.Trilliumwillalsonotcrosstradesbetweenclientaccounts.Principaltransactionsaregenerallydefinedastransactionswhereanadviser,actingasprincipalforitsownaccountortheaccountofanaffiliatedbroker‐dealer,buysfromorellsanysecuritytoanyadvisoryclient.Anagencycrosstransactionisdefinedasatransactionwhereapersonactsasaninvestmentadviserinrelationtoatransactioninwhichtheinvestmentadviser,oranypersoncontrolledbyorundercommoncontrolwiththeinvestmentadviser,actsasbrokerforboththeadvisoryclientandforanotherpersonontheothersideofthetransaction.Agencycrosstransactionsmayarisewhereanadviserisduallyregisteredasabroker‐dealerorhasanaffiliatedbroker‐dealer.

Item12–BrokeragePracticesTradeexecutionandBrokerageAllocationItisthepolicyofTrillium’sTradingDepartmenttoseektoobtainbestexecutionofalltransactions.WhileTrilliumendeavorstoobtainthebestcombinationofpriceandexecutionforitsclients,“bestexecution”doesnotnecessarilymeanthattheclientwillpaythelowestcommissionorspread.ClientswhochoosetouseretailbrokerspaythecommissionratetheynegotiatewiththatparticularbrokerandadviseTrilliumbymeansofaselectionintheInvestmentManagementAgreementofthatdecision.Trilliumhasfulldiscretionoverthesecuritiesandamountofsecuritiestradedinaclientaccount,subjecttoanylimitationsorguidelinescontainedintheadvisoryagreement.Trilliumseekscompetitivelypricedbrokerageserviceswherethebroker‐dealerprovidesvalue‐added,company‐specificandthematicinvestmentresearch,includingmeetingswithmanagementandconferences.Inaddition,factorsconsideredbyTrilliumintheselectionofbrokersandtheplacementoftradesincludetheliquidityofthemarketforthesecuritiestraded,promptnessofexecution,financialstabilityofthebroker‐dealer;efficiencyinhandlingandsettlingtrades;abilitytohandletheproposedblocktrade,andqualityofsettlement.ResearchandSoftDollarBenefitsSubjecttoSection28(e)oftheExchangeAct,Trilliumobtainsservicesrelevanttoitsinvestmentdecision‐makingprocessfromfull‐servicebroker‐dealersusingclientcommissions.Suchservicesincludeeconomicresearch,companyandindustryresearch,andotherbrokerservices.TrilliumbenefitsfromtheuseofclientcommissionsbecauseTrilliumdoesnothavetoproduceorpayfortheresearchandservices.Subjecttoitsobligationtoseekbestexecution,Trilliumdirectstradesthroughsuchbrokersinordertoobtaintheservices.Trilliumhasanincentivetoselectorrecommendabroker‐dealerbasedonitsinterestinreceivingtheresearchorservices,ratherthanon

21

clients’interestinreceivingmostfavorableexecution.Trilliumdirectstradestobrokersbasedonitsinvestmentteam’sevaluationofthebrokers’servicesandexecutionability.Researchbenefitsarenotlimitedtothoseclientswhohavegeneratedaparticularcommissionalthoughcertaincommissionallocationsconnecttoparticularclientsorgroupsofclients.Trillium,doesnotproportionallyallocateresearchbenefitstoanyaccountsthatgeneratedifferentamountsofthecommissionallocation.SuchresearchbenefitsallofTrillium’sclients,althoughitispossiblethataclientwillpayahighercommissionthanthatobtainablefrombrokerswhoprovideonlyexecution.Trilliumdidnotdirectclientcommissionstosoftdollarcreditsin2019.DirectedBrokerage/CustodyTrilliumbelievesthatbestexecutionstartswithclientselectionofacompetitivediscountbrokerascustodianoftheaccountassets.Themajorityofclientsprefertohaveassetsheldincustodywithbroker‐dealers.Trilliumdisclosestoallclientsthatclientsmayachievelowertransactioncostsbyselectingdiscountbrokers,buttheindividualclienthasthefinalchoice.ItisthepolicyofTrilliumtodealwithestablishedreputablebrokeragefirms.Trilliumdoesnotmaintaincustodyofyourassetsalthoughwearedeemedtohavecustodyofyourassetsifyougiveusauthoritytowithdrawassetsfromyouraccount(seeItem15–Custody,below).Yourassetsmustbemaintainedinanaccountata“qualifiedcustodian,”generallyabroker‐dealerorbank.WerecommendthatourclientsuseCharlesSchwab&Co.,Inc.("Schwab"),aregisteredbroker‐dealer,memberSIPC,qualifiedcustodian.TrilliumisindependentlyownedandoperatedandisnotanaffiliateofSchwab.Schwabwillholdyourassetsinabrokerageaccount,andbuyandsellsecuritieswhenweinstructthemto.WhilewerecommendthatyouuseSchwabascustodian,youwilldecidewhethertodosoandwillopenyouraccountwithSchwabbyenteringintoanaccountagreementdirectlywiththem.Wedonotopentheaccountforyou,althoughwewillassistyouindoingso.Notalladvisersrecommendorrequiretheirclientstodirectbrokerageorcustodyservices.EventhoughyouraccountismaintainedatSchwab,wecanstilluseotherbrokerstoexecutetradesforyouraccount.SchwabprovidesTrilliumwithaccesstoitsinstitutionaltradingandcustodyservicesthataretypicallynotavailabletoSchwabretailinvestors.Theseservicesgenerallyareavailabletoindependentinvestmentadvisorsonanunsolicitedbasis,atnochargetothemifaminimumof$10millionoftheadvisor'sclientassetsareinaccountsatSchwabAdvisorServices.Someofthoseserviceshelpusmanageoradministerourclient’accounts,whileotherhelpusmanageandgrowourbusiness.ForTrillium'sclientaccountsmaintainedinitscustody,Schwabgenerallydoesnotchargeseparatelyforcustodyservicesbutreceivescompensationfromaccountholdersthroughcommissionsandothertransaction‐relatedorasset‐basedfeesforsecuritiestradesexecutedthroughSchwaborthatsettleintoSchwabaccounts.

22

InevaluatingwhethertorecommendthatclientscustodytheirassetsatSchwab,TrilliumtakesintoaccounttheavailabilityofproductsandservicesandotherarrangementswithSchwabaspartofthetotalmixoffactorsitconsiders,anddoesnotconsidersolelythenature,costorqualityofcustodyandbrokerageservicesprovidedbySchwab.ThiscreatesapotentialconflictofinterestbecauseTrilliummaynotbeabletoachievemostfavorableexecutionofclienttransactions,andthiswouldcostclientsmoremoney.ClientDirectedCustody/BrokerageWhenaclientinstructsTrilliumtodirectsecuritiestransactionstoaparticularbrokeragefirm,theclientshouldnotethatsuchdirectedbrokeragemightresultinsuchclientpayinghighercommissionsthanwouldbethecaseifTrilliumwereabletoselectbrokersfreely.DirectedbrokerageinmanycaseslimitsTrillium’sabilitytonegotiatecommissionsfortheclientanditsabilitytoaggregateordersandresultsinaninabilitytoobtainvolumediscountsorbestexecutionfortheclientinsometransactions.ThehighercostassociatedwithadirectedbrokeragearrangementwillbedisclosedtotherelevantclientpromptlyafterthetimeabrokerisdesignatedandthebrokeradvisesTrilliumofitscommissionrates.Trilliumincludessimilardisclosureinthemanagementcontractsofitsclientswithdirectedbrokerage.Additionally,someclientschoosingdirectedbrokeragewillhavetradesexecutedafterthosewhereTrilliumhasfulldiscretionoverbrokerselection.TradeAllocationandAggregationTrilliumshallaggregateorblockequitytradesforaclientwheneverappropriatewiththetradesinthesamesecuritysubmittedforotherTrilliumclients.Trilliumreceivesexecutionsfrombrokerseitherelectronically,orbyphoneorfax,andenterssuchintoTrillium’stradingsystem.Trilliumallocatesfilledordersaccordingtodetailprovidedbytheportfoliomanager(s).Thetradersonaproratabasisallocatepartiallyfilledordersusingthetradingsystemsoftware.Thetradingsystemapportionstradesinaccordancewiththepercentageofanygivenaccountintheoverallblock.ItisofparamountimportancetoTrilliumthatnooneclientorgroupofclientshasanadvantageover,orisatadisadvantageto,anyotherclients(s).Whenclientequitytransactionsarenotsubjecttoblocktrades(forexample,becauseaclientdoesnotwanttoblockitstrades),thetraderswillexecutesuchordersimmediatelyinthesequenceinwhichtheyareenteredintothesystemasapprovedtradesbyportfoliomanagers.Trillium’stradersorindividualinvestmentmanagers(fortheirrespectiveclientaccounts)mayexecutefixed‐incometrades.Investmentmanagersattempttoblockbondtransactionsforsimilaraccountsandsimilarpurchaseparameters,andseektoprioritizetransactionsinafairandequitablemannersoasnottogiveadvantageovertimetoanyoneclientorgroupofclients.TradeRotationPolicyTrillium’spolicyistoprovideafairandequitablemethodoftraderotationinplacingtradesforclients’accounts.Generally,Trilliumrotatesaccountsonaquarterlybasisorwhentheequitystrategiesarerebalanced.Wealternatetradingintwogroups:1)modeldeliveredportfoliosand2)directtradedonmodelaccounts.Withinthesetwogroups,we

23

alsohaveaninternalrotation.Off‐modelaccountsaretradedafterthesegroups.Trilliumdoesnottakeresponsibilityforensuringtradingofmodelportfolioswherewedonotreceivecommunicationoncompletion,althoughwewilluploadthemodelsaccordingtotherotation.

Item13–ReviewofAccountsTrillium’sportfolioandinvestmentmanagers(managers)periodicallyreviewallaccountsforwhichtheyareresponsible.Thereviewtypicallyincludesinvestmentpolicyguidelines,clientcircumstancesandaccountobjectives.Themanagersoftenreviewaccountswhenmeetingortalkingwithclientsoriftheaccountcircumstancestriggeranadditionalreview.Eachinvestmentmanagerwillmanageapproximately200separatelymanagedaccountrelationships.Trilliumoftenmanagesandreviewsadvisorrelationships,familyaccountsorsinglebeneficiariesofmultipletrustsasawhole.Trilliumprovideswrittenquarterlyreportstoseparatelymanagedaccountsthatincludeasummaryofaccountholdingsandinvestmentperformance.Specialappraisalsandadditionalaccountreportinginformationareavailabletoclientsuponrequest.Clientshavetheoptiontoreceivequarterlyreportsoranyaccountinformationelectronically.TrilliumESGGlobalEquityFundandTrilliumESGSmallMid/CapFundTrilliummonitorstheholdingsoftheFundsdailytoensurecompliancewithdiversificationpoliciesandtodeterminewhetherinvestmentchangesshouldbemade.TrilliumprovidesinvestmentandperformancereportsfortheFundstotheBoardofTrusteesquarterly.ShareholdersintheFundreceiveprospectuses,supplements,annualreports,andsemi‐annualreports.Thesereportsdiscusseconomicoutlook,portfoliopositions,assetallocation,changesinportfoliovalue,andinvestmentreturns.Inaddition,theFunds’annualreportdiscussesmarketconditionsandinvestmentstrategiesthatsignificantlyaffectedtheFund'sperformanceduringthepreviousfiscalyear.PrivateFundThePortfolioManagerandinvestmentmanagersperiodicallyreviewthePrivateFundanditsunderlyinginvestments.Thereviewincludesinvestmentguidelinesassetforthinthefunddocumentsandinvestmentobjectives.Item14–ClientReferralsandOtherCompensationTrilliumhasanarrangementwithWilson&BrowningFinancialServices,Inc.TrilliumpaysaportionofadvisoryfeestoWilson&BrowningFinancialServices,Inc.forclientsreferredbythefirm.Trilliumisapartytovariouswrapfeearrangements.PleaseseedisclosurerelatingtoItem4andItem5above.

24

WereceiveaneconomicbenefitfromSchwabintheformofthesupportproductsandservicesavailabletousandotherindependentinvestmentadvisorswhoseclientsmaintaintheiraccountsatSchwab.Theseproductsandservices,howtheybenefitus,andtherelatedconflictsofinterestaredescribedinItem12above.

Item15–CustodyUndergovernmentregulations,wearedeemedtohavecustodyofyourassets,if,forexample,youauthorizeustoinstructyourcustodiantodeductouradvisoryfeesdirectlyfromyouraccountorifyougrantusauthoritytomoveyourmoneytoanotherperson’saccount.Schwaborthecustodianofyourchoicemaintainsactualcustodyofyourassets.Youwillreceiveatleastquarterlyaccountstatementsfromthebrokerdealer,bankorotherqualifiedcustodianthatholdsandmaintainsclient’sinvestmentassets.Youshouldcarefullyreviewthosestatementspromptlywhenyoureceivethem.Wealsourgeyoutocomparesuchofficialcustodialrecordswiththeperiodicaccountstatementsandportfolioreportsyouwillreceivefromus.Ourstatementswillsometimesvaryfromcustodialstatementsbasedonaccountingprocedures,reportingdatesorvaluationmethodologiesofcertainsecurities.PrivateFundTheGeneralPartnerhascustodyofclientassetbecauseitservesasgeneralpartnerofthePrivateFund.Anindependentthird‐partycustodianholdstheassetsofthePrivateFundbyregisteringtheownershipofeachunderlyingfundinwhichthePrivateFundinvestswiththecustodianforthebenefitoftheFund.Item16–InvestmentDiscretionUnlessotherwiseagreedinwritingwiththeclient,theclientgrantsTrilliumdiscretionaryauthorityattheoutsetofanadvisoryrelationshiptoselecttheidentityandamountofsecuritiestobuyorsell.Inallcases,however,Trilliumexercisessuchdiscretioninamannerconsistentwiththestatedinvestmentobjectivesfortheparticularclientaccount.Whenselectingsecuritiesanddeterminingamounts,Trilliumobservestheinvestmentpolicies,limitationsandrestrictionsoftheclientsforwhichitadvises.Forregisteredinvestmentcompanies,certainfederalsecuritiesandtaxlaws,thatrequirediversificationofinvestmentsandfavortheholdingofinvestmentsoncemade,maylimitTrillium’sauthoritytotradesecurities.ClientsmustprovideinvestmentguidelinesandrestrictionstoTrilliuminwriting.Inverylimitedinstances,Trilliumwilltakedirectionfromaclienttobuyorsellaparticularsecurity,ortorefrainfromdoingso.

25

Trilliummaymaintainasmallpositioninasecurityinaclient’saccountinordertopursueadvocacyonenvironmental,social,orgovernanceissues.Asaresult,theinvestmentperformanceoftheseclientaccountsmaydifferfromtheinvestmentperformanceofotherclientaccountsthatdonotholdsuchpositions.

Item17–VotingClientSecuritiesOurpolicyistoseektovoteourclients’proxiesinaccordancewithboththeirfinancialinterestandtheirvalues.Trillium’sProxyPolicyCommitteerefinesourproxyvotingpolicyonanannualbasis.Whilethespecificdetailsofthepolicywillchangeinaccordancewithcurrentandupcomingissues,Trilliumbasestheunderlyingdecisionsonthebeliefthatproxy‐votingdecisionsmustincorporateenvironmental,socialandgovernanceconsiderations.Trilliumdoesnotborroworlendsharesfortheprimarypurposeofvotingthem.TrilliumseekstoidentifyanyconflictsofinterestsinvotingproxiesincludingidentifyinganyFundsaffiliateofapubliccompanyinwhichtheFundsinvest.AnysuchconflictswillbereviewedbytheDirectorofAdvocacyoraManagingPartnertodeterminehowtomitigatetheconflict.TheconflictwillbereportedtoaManagingPartnerortheCCOtodetermineiftheFundsneedtobenotified.IfthereisaconflictofinterestbetweenTrilliumandaclientorFundinrespecttovotingaproxy,Trilliumwillvotedirectlyinlinewiththeproxyvotingpolicy.TheDirectorofAdvocacyhasprimaryresponsibilityforcoordinatingthevotingofclientandFundsproxies.Trilliumengagesathird‐partyprovidertoassistwiththeadministrationofproxyvoting.TrilliumusuallyvotesproxiesonbehalfofclientsalthoughanindividualclientmaydirecttheirproxyvotesbycontactingTrilliumormayretaintherighttovoteallproxiesfortheiraccount.ClientsmayrequestacopyofhowTrilliumvotedtheproxiesfortheiraccountbycontactingusat617‐423‐6655.AcopyofTrillium'sProxyVotingPolicyisavailableonTrillium’swebsitewww.trilliuminvest.comoruponrequestbycalling617‐423‐6655.

Item18–FinancialInformationRegisteredinvestmentadvisersarerequiredinthisItemtoprovideyouwithcertainfinancialinformationordisclosuresabouttheirfinancialcondition.TrilliumAssetManagement,LLChasnofinancialcommitmentthatimpairsitsabilitytomeetcontractualandfiduciarycommitmentstoclients,andhasnotbeenthesubjectofabankruptcyproceeding.

Trilliumdoesnotrequireprepaymentoffeessixmonthsormoreinadvance.Accordingly,itisnotrequiredtoprovideabalancesheetpursuanttothisItem18.

26

OTHERINFORMATION‐SummaryofPrivacyPolicy

Maintainingtheconfidentialityofthepersonalinformationofourcurrentandprospectivecustomers isoneofTrilliumAssetManagementLLC’shighestpriorities. Trilliumcollectspersonalinformationfromyouinordertoofferorprovideyouwithproductsorservices,processtransactionsonyourbehalfandcomplywithlegalandregulatoryrequirements.

Wedonot,anddonot intendto,sellordistributepersonal informationaboutcurrentorformercustomerstononaffiliatedthirdpartiesexceptasset forthbelow. Weshareyourpersonalinformationasfollows:

a. Wewillrevealorshareyourpersonalinformationwherethelawrequiresit,suchasfortaxreportingpurposesorpursuanttoacourtorder.

b. Weshareyourpersonalinformationwithouraffiliatedprivatefundgeneralpartner in order to offer investment opportunities or to provide servicesrelatedtoyourinvestmentintheprivatefund.

c. We reveal or share your personal information with unaffiliated serviceproviders such as brokers, fund administrators, custodians and transferagentsinconnectionwithprocessingtransactionsforyouraccount.Trilliumprovidesyourpersonalinformationtoattorneys,accountantsorauditorsinordertoenableustoproviderequestedservicestoyouandtocomplywithlegalandregulatoryrequirements.

Ouremployeesperiodicallyhaveaccesstoyourpersonal information inordertoprovideservices toyou. Werestrictaccess tonon‐publicpersonal financial information to thoseemployeeswhoneedtoknowthatinformationinordertoprovideyouwithproductsandservices.AllemployeesaresubjecttothetermsofourCompany’scompliancemanual,whichrequiresemployees to treatconfidentiallyall informationobtained fromoraboutyouoryour account. We alsomaintain certain physical, electronic and procedural safeguardsdesignedtoprotectnonpublicpersonalfinancialinformation.

1

BROCHURESUPPLEMENTS

TrilliumAssetManagement,LLC 60SouthStreet,Suite1100

Boston,MA02111

www.trilliuminvest.com

March30,2020

ThisBrochureprovidesinformationaboutthequalificationsandbusinesspracticesofTrilliumAssetManagement,LLC(“Trillium”or“Adviser”).IfyouhaveanyquestionsaboutthecontentsofthisBrochure,pleasecontactusat(617)423‐6655.TheinformationinthisBrochurehasnotbeenapprovedorverifiedbytheUnitedStatesSecuritiesandExchangeCommissionorbyanystatesecuritiesauthority.

TrilliumAssetManagement,LLCisaregisteredinvestmentadviser.RegistrationofanInvestmentAdviserdoesnotimplyanylevelofskillortraining.TheoralandwrittencommunicationsofanAdviserprovideyouwithinformationwithwhichyoudeterminetohireorretainanAdviser.

AdditionalinformationaboutTrilliumAssetManagement,LLCalsoisavailableontheSEC’swebsiteatwww.adviserinfo.sec.gov.

2

Item1‐CoverPage

SadaGeussTrilliumAssetManagement,LLC60SouthStreet,Suite1100Boston,MA02111(617)423‐6655March30,2020

ThisBrochureSupplementprovidesinformationaboutSadaGeussthatsupplementstheTrilliumAssetManagement,LLCBrochure.YoushouldhavereceivedacopyofthatBrochure.PleasecontactMichelleMcDonough,ManagingPartnerat(617)423‐6655ormmcdonough@trilliuminvest.comifyoudidnotreceiveTrilliumAssetManagement,LLC’sBrochureorifyouhaveanyquestionsaboutthecontentsofthissupplement.

Item2‐EducationalBackgroundandBusinessExperience

Ms.SadaGeussjoinedTrilliumin2015andservesasaninvestmentmanager.ShewasbornonAugust14,1978.Ms.GeussgraduatedfromtheStateUniversityofNewYorkCollegeofEnvironmentalScienceandForestrywithabachelor’sdegreeinEnvironmentalStudies,withaconcentrationinPolicyandManagementin2000.BeforejoiningTrillium,Ms.GeusswasaninvestmentanalystatDeutscheBankwhereshespentovertenyearsprovidinginvestmentadvisoryservicestoindividual,familyofficeandinstitutionalclients.Ms.GeussholdstheAccreditedInvestmentFiduciary(AIF)designation.TheAIFcertificationprocess,administeredbyFi360,providesdesigneeswithfiduciarytraining,includingpertinentlegislationandbestpractices,allowingthemtoassistothersintheimplementationofproperpoliciesandprocedures. Item3‐DisciplinaryInformation

Registeredinvestmentadvisersarerequiredtodiscloseallmaterialfactsregardinganylegalordisciplinaryeventsthatwouldbematerialtoyourevaluationofeachsupervisedpersonprovidinginvestmentadvice.NoinformationisapplicabletothisItem.

Item4‐OtherBusinessActivities

Registeredinvestmentadvisersarerequiredtodiscloseifanysupervisedpersonisactivelyengagedinanyinvestment‐relatedbusinessoroccupationandanyrelationshipbetween

3

theadvisorybusinessandthoseotherbusinesses.NoinformationisapplicabletothisItem.

Item5‐AdditionalCompensation

Registeredinvestmentadvisersarerequiredtodiscloseifanysupervisedpersonreceivesaneconomicbenefitforprovidingadvisoryservices.NoinformationisapplicabletothisItem.

Item6‐Supervision

Ms.MichelleMcDonough,ManagingPartner, is responsible for themonitoring of advicegiventoclients. YoumaycontactMs.McDonoughat(617)423‐6655withanyquestionsrelatedtothesupervisionofMs.Geuss._________________________________________________________________________________________________________

Item1‐CoverPage

PaulHilton

TrilliumAssetManagement,LLC60SouthStreet,Suite1100Boston,MA02111(617)423‐6655March30,2020

ThisBrochureSupplementprovidesinformationaboutPaulHiltonthatsupplementstheTrilliumAssetManagement,LLCBrochure.YoushouldhavereceivedacopyofthatBrochure.PleasecontactMichelleMcDonough,ManagingPartnerat(617)423‐6655ormmcdonough@trilliuminvest.comifyoudidnotreceiveTrilliumAssetManagement,LLC’sBrochureorifyouhaveanyquestionsaboutthecontentsofthissupplement.


Mr.PaulHiltonjoinedTrilliuminJune2011andservesasapartnerandaninvestmentmanager.HewasbornonFebruary4,1972.Mr.HiltongraduatedfromSyracuseUniversityin1993withaBAdegreeinNonviolentConflictandChange.HealsoreceivedaMastersdegreeinCulturalAnthropologyfromNewYorkUniversityin1995andaMasterofEducationdegreefromRobertsWesleyanCollegein2003.Mr.HiltonchairstheboardofUSSIF.BeforeTrilliumMr.HiltonworkedatCalvertInvestments,mostrecentlyasVicePresident,SustainableInvestmentBusinessStrategy,aroleheassumedinJanuary2010.Heheldthe

4

positionofDirector,AdvancedEquitiesResearchfromMay2007toJanuary2010andthepositionofDirector,SRIMarketingfromAugust2005toMay2007.Mr.HiltonholdstheCharteredFinancialAnalystdesignation.CharteredFinancialAnalystisadesignationissuedbytheCFAinstitute.ToearnaCFAcharter,acandidatemusthavefouryearsofqualifiedinvestmentworkexperience,passthreeCFAProgramexamlevelsandadheretotheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct. Item3‐DisciplinaryInformation



Registeredinvestmentadvisersarerequiredtodiscloseifanysupervisedpersonisactivelyengagedinanyinvestment‐relatedbusinessoroccupationandanyrelationshipbetweentheadvisorybusinessandthoseotherbusinesses.NoinformationisapplicabletothisItem.



Item6‐Supervision

Mr.JohnQuealy istheChiefInvestmentOfficerofTrilliumAssetManagement,LLCand isresponsible for themonitoringofadvicegiven toclients. YoumaycontactMr.Quealyat(617)423‐6655withanyquestionsrelatedtothesupervisionofMr.Hilton._________________________________________________________________________________________________________

Item1‐CoverPage

AlexanderJovanovic


5

ThisBrochureSupplementprovidesinformationaboutAlexanderJovanovicthatsupplementstheTrilliumAssetManagement,LLCBrochure.YoushouldhavereceivedacopyofthatBrochure.PleasecontactMichelleMcDonough,ManagingPartnerat(617)423‐6655ormmcdonough@trilliuminvest.comifyoudidnotreceiveTrilliumAssetManagement,LLC’sBrochureorifyouhaveanyquestionsaboutthecontentsofthissupplement.


Mr.AlexanderJovanovicjoinedTrilliumin2013andservesasaninvestmentmanager.HewasbornonMay1,1982.Mr.JovanovicgraduatedfromTuftsUniversity,withaBachelor’sdegreeinInternationalRelationsandEconomicsin2004.BeforejoiningTrillium,Mr.JovanovicwasaVicePresidentandClientRelationshipManageratBostonCommonAssetManagement,LLC,aninvestmentmanagerandleaderinglobalsustainabilityinitiativesspecializinginlong‐onlyequityandbalancedstrategies.HewaswithBostonCommonAssetManagement,LLCfornineyears.Mr.JovanovicholdstheCertifiedFinancialPlanner(CFP)designation.TheCFPcertificationprocess,administeredbyCFPBoard,identifiesindividualswhohavemetrigorousprofessionalstandardsandhaveagreedtoadheretotheprinciplesofintegrity,objectivity,competence,fairness,confidentiality,professionalismanddiligencewhendealingwithclients. Item3‐DisciplinaryInformation






Item6‐Supervision

6

Ms.MichelleMcDonough,ManagingPartner, is responsible for themonitoring of advicegiventoclients. YoumaycontactMs.McDonoughat(617)423‐6655withanyquestionsrelatedtothesupervisionofMr.Jovanovic._________________________________________________________________________________________________________

Item1‐CoverPage

WilliamLana


ThisBrochureSupplementprovidesinformationaboutWilliamLanathatsupplementstheTrilliumAssetManagement,LLCBrochure.YoushouldhavereceivedacopyofthatBrochure.PleasecontactMichelleMcDonough,ManagingPartnerat(617)423‐6655ormmcdonough@trilliuminvest.comifyoudidnotreceiveTrilliumAssetManagement,LLC’sBrochureorifyouhaveanyquestionsaboutthecontentsofthissupplement.


Mr.WilliamLanajoinedTrilliumin2008andservesasapartnerandaninvestmentmanager.HewasbornonJuly26,1980.Mr.LanagraduatedfromtheUniversityofCalifornia,LosAngeles,withaBachelor’sdegreeinCommunicationStudiesin2002andfromtheUniversityofWashingtonwithaMaster’sDegreeofBusinessin2008.BeforejoiningTrillium,Mr.LanawasaninvestmentresearchandplanningassociateatJourneyTreeFinancialPlanningandInvestments,asociallyresponsibleboutiqueinvestmentfirm.Mr.LanaisaCFAcharterholder.CharteredFinancialAnalystisadesignationissuedbytheCFAinstitute.ToearnaCFAcharter,acandidatemusthavefouryearsofqualifiedinvestmentworkexperience,passthreeCFAProgramexamlevelsandadheretotheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct. Item3‐DisciplinaryInformation



7




Item6‐Supervision

Ms.MichelleMcDonough,ManagingPartner, is responsible for themonitoring of advicegiventoclients. YoumaycontactMs.McDonoughat(617)423‐6655withanyquestionsrelatedtothesupervisionofMr.Lana._________________________________________________________________________________________________________Item1‐CoverPage

ElizabethLevy


This Brochure Supplement provides information about Elizabeth Levy thatsupplements the Trillium Asset Management, LLC Brochure. You should havereceived a copyof thatBrochure. Please contactMichelleMcDonough,ManagingPartner at (617) 423‐6655 or [email protected] if you did notreceiveTrilliumAssetManagement, LLC’sBrochure or if youhave any questionsaboutthecontentsofthissupplement.


Ms.ElizabethLevyjoinedTrilliumin2012andservesasaportfoliomanager.PriortojoiningTrillium,ElizabethworkedasaportfoliomanagerforWinslowManagementCompany,adivisionofBrownAdvisory,whereshehadbeensince2004.Shemanagedtwoenvironmentallyfocusedinvestmentstrategies,theWinslowGreenLargeCapstrategyfrom2009‐2011andtheWinslowGreenGrowthstrategyduring2011.ShealsoprovidedequityresearchacrossBrownAdvisory’sstrategies,withafocusonwatercompanies.ShewasbornonJune4,1978.Ms.LevyholdsaB.S.inChemistryfromtheCollegeofWilliam

8

andMary,andaMasterofEnvironmentalManagementfromtheYaleSchoolofForestryandEnvironmentalStudies.Ms.LevyisaCharteredFinancialAnalystcharterholder.CharteredFinancialAnalystisadesignationissuedbytheCFAinstitute.ToearnaCFAcharter,acandidatemusthavefouryearsofqualifiedinvestmentworkexperience,passthreeCFAProgramexamlevelsandadheretotheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct. Item3‐DisciplinaryInformation






Item6‐Supervision

Mr.JohnQuealy istheChiefInvestmentOfficerofTrillium AssetManagement,LLCand isresponsible for themonitoringofadvicegiven toclients. YoumaycontactMr.Quealyat(617)423‐6655withanyquestionsrelatedtothesupervisionofMs.Levy._________________________________________________________________________________________________________Item1‐CoverPage

MichelleMcDonough


9

ThisBrochure Supplement provides information aboutMichelleMcDonough thatsupplements the Trillium Asset Management, LLC Brochure. You should havereceived a copyof thatBrochure. Please contactMichelleMcDonough,ManagingPartner at (617) 423‐6655 or [email protected] if you did notreceiveTrilliumAssetManagement, LLC’sBrochure or if youhave any questionsaboutthecontentsofthissupplement.


MichelleMcDonoughjoinedTrilliumin2010andisaManagingPartner.Previously,shewastheChiefOperatingOfficeratWinslowManagement,aninvestmentfirmfocusingongreeninvesting.AtWinslow,Michelleoversawallinfrastructureactivitiesforthefirm,includingcoordinatingmultipleSECaudits.ShebeganhercareeratAdamsHarkness&Hillin1999,workingonboththebrokerdealerandassetmanagementdivision.MichelleholdsaB.A.fromSalemStateCollege. Item3‐DisciplinaryInformation






Item6‐Supervision

MatthewPatsky,CEO,isresponsibleforthesupervisionofMs.McDonough.YoumaycontactMr.Patskyat(617)423‐6655withanyquestionsrelatedtothesupervisionofMs.McDonough._________________________________________________________________________________________________________Item1‐CoverPage

LauraL.McGonagle

10


ThisBrochureSupplementprovidesinformationaboutLauraMcGonaglethatsupplementstheTrilliumAssetManagement,LLCBrochure.YoushouldhavereceivedacopyofthatBrochure.PleasecontactMichelleMcDonough,ManagingPartnerat(617)423‐6655ormmcdonough@trilliuminvest.comifyoudidnotreceiveTrilliumAssetManagement,LLC’sBrochureorifyouhaveanyquestionsaboutthecontentsofthissupplement.


Ms.LauraMcGonaglejoinedTrilliumin2001andservesasaportfoliomanager.ShewasbornonNovember8,1970.Ms.McGonaglegraduatedTuftsUniversitywithaBachelor’sdegreeinQuantitativeEconomics.Ms.McGonagleisaCharteredFinancialAnalystcharterholder.CharteredFinancialAnalystisadesignationissuedbytheCFAinstitute.ToearnaCFAcharter,acandidatemusthavefouryearsofqualifiedinvestmentworkexperience,passthreeCFAProgramexamlevelsandadheretotheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct. Item3‐DisciplinaryInformation






Item6‐Supervision

11

Mr.JohnQuealy istheChiefInvestmentOfficerofTrillium AssetManagement,LLCand isresponsible for themonitoringofadvicegiven toclients. YoumaycontactMr.Quealyat(617)423‐6655withanyquestionsrelatedtothesupervisionofMs.McGonagle._________________________________________________________________________________________________________Item1‐CoverPage

JodiNeuman


ThisBrochureSupplementprovidesinformationaboutJodiNeumanthatsupplementstheTrilliumAssetManagement,LLCBrochure.YoushouldhavereceivedacopyofthatBrochure.PleasecontactMichelleMcDonough,ManagingPartnerat(617)423‐6655ormmcdonough@trilliuminvest.comifyoudidnotreceiveTrilliumAssetManagement,LLC’sBrochureorifyouhaveanyquestionsaboutthecontentsofthissupplement.


Ms.JodiNeumanjoinedTrilliumin2014andservesasaninvestmentmanager.ShewasbornonOctober21,1986.Ms.NeumangraduatedUniversityofWisconsin–EauClairewithaBachelor’sdegreeinBusinessEconomicsandearnedanMBAfromtheHECSchoolofManagementinParisspecializinginFinance.Ms.NeumanisaCharteredFinancialAnalystcharterholder.CharteredFinancialAnalystisadesignationissuedbytheCFAinstitute.ToearnaCFAcharter,acandidatemusthavefouryearsofqualifiedinvestmentworkexperience,passthreeCFAProgramexamlevelsandadheretotheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct. Item3‐DisciplinaryInformation



Registeredinvestmentadvisersarerequiredtodiscloseifanysupervisedpersonisactivelyengagedinanyinvestment‐relatedbusinessoroccupationandanyrelationshipbetween

12

theadvisorybusinessandthoseotherbusinesses.NoinformationisapplicabletothisItem.



Item6‐Supervision

Ms.MichelleMcDonough,ManagingPartner, is responsible for themonitoring of advicegiventoclients. YoumaycontactMs.McDonoughat(617)423‐6655withanyquestionsrelatedtothesupervisionofMs.Neuman._________________________________________________________________________________________________________

Item1‐CoverPage

MatthewPatsky


ThisBrochureSupplementprovidesinformationaboutMatthewPatskythatsupplementstheTrilliumAssetManagement,LLCBrochure.YoushouldhavereceivedacopyofthatBrochure.PleasecontactMichelleMcDonough,ManagingPartnerat(617)423‐6655ormmcdonough@trilliuminvest.comifyoudidnotreceiveTrilliumAssetManagement,LLC’sBrochureorifyouhaveanyquestionsaboutthecontentsofthissupplement.


Mr.PatskyjoinedTrilliumasChiefExecutiveOfficerandportfoliomanagerinOctober2009.BeforehisappointmentasCEObytheBoardofDirectorsofTrillium,Mr.PatskywasapartnerandportfoliomanageratWinslowManagementCompany.Mr.PatskywasbornonAugust2,1963andgraduatedfromRensselearPolytechnicInstitutein1983withaBachelorofScienceinEconomics.Mr.PatskyisaCharteredFinancialAnalystcharter.CharteredFinancialAnalystisadesignationissuedbytheCFAinstitute.ToearnaCFAcharter,acandidatemusthavefour

13

yearsofqualifiedinvestmentworkexperience,passthreeCFAProgramexamlevelsandadheretotheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct. Item3‐DisciplinaryInformation



Registeredinvestmentadvisersarerequiredtodiscloseifanysupervisedpersonisactivelyengagedinanyinvestment‐relatedbusinessoroccupationandanyrelationshipbetweentheadvisorybusinessandthoseotherbusinesses.Mr.PatskyservesontheboardofdirectorsofSharedInterest,anorganizationthatTrilliumhasinvestedassetsinonbehalfofcertainclients.Mr.PatskywillabstainfromanyvotesoftheBoardofSharedInterestthatdirectlyandspecificallyrelatetoaninvestmentofaclientofTrillium.TrilliumandSharedInterestarenotaffiliated.



Item6‐Supervision

Michelle McDonough and Cheryl Smith, managing partners, and John Quealy, ChiefInvestmentOfficer,are responsible for the supervisionandmonitoringof theadviceMr.Patsky gives to clients. Additionally, an outside Board of Directors is responsible forreviewing theoverallperformanceofMr.Patsky. Youmay contactMs.McDonough,Ms.Smith,orMr.Quealyat(617)423‐6655withanyquestionsrelatedtothesupervisionofMr.Patsky._________________________________________________________________________________________________________

Item1‐CoverPage

JohnQuealy


14

ThisBrochureSupplementprovidesinformationaboutJohnQuealythatsupplementstheTrilliumAssetManagement,LLCBrochure.YoushouldhavereceivedacopyofthatBrochure.PleasecontactMichelleMcDonough,ManagingPartnerat(617)423‐6655ormmcdonough@trilliuminvest.comifyoudidnotreceiveTrilliumAssetManagement,LLC’sBrochureorifyouhaveanyquestionsaboutthecontentsofthissupplement.


Mr.QuealyjoinedTrilliumasChiefInvestmentOfficerinFebruary2018.PriortojoiningTrillium,Johnspent17yearswithCanaccordGenuityinEquityResearch,wherehewasaManagingDirector,specializingintheSustainabilityandIndustrialTechnologysectors.Mr.QuealywasbornonJanuary30,1972andgraduatedfromBostonCollegein1995withaBachelorofScienceinAccountingandPhilosophy.Mr.QuealyisalicensedPublicAccountantinMassachusetts.CertifiedPublicAccountantisadesignationissuedbytheAssociationofInternationalCertifiedProfessionalAccountants(AICPA).MembersofAICPAmustabidebytheCodeofProfessionalConduct. Item3‐DisciplinaryInformation






Item6‐Supervision

Mr.MatthewPatskyistheChiefExecutiveOfficerofTrilliumAssetManagement,LLCandisresponsiblefortheoverallperformanceofMr.Quealy.YoumaycontactMr.Patskyat(617)423‐6655withanyquestionsrelatedtothesupervisionofMr.Quealy._________________________________________________________________________________________________________Item1‐CoverPage

15

CherylI.Smith


ThisBrochureSupplementprovidesinformationaboutCherylSmiththatsupplementstheTrilliumAssetManagement,LLCBrochure.YoushouldhavereceivedacopyofthatBrochure.PleasecontactMichelleMcDonough,ManagingPartnerat(617)423‐6655ormmcdonough@trilliuminvest.comifyoudidnotreceiveTrilliumAssetManagement,LLC’sBrochureorifyouhaveanyquestionsaboutthecontentsofthissupplement.

AdditionalinformationaboutCherylSmithisavailableontheSEC’swebsiteatwww.adviserinfo.sec.gov.


Ms.CherylSmithjoinedTrilliumin1997,servesasaManagingPartnerandisaportfoliomanager.ShewasbornonDecember15,1956.Ms.SmithgraduatedfromtheGeorgetownUniversitywithaBachelor’sdegreeinForeignServicein1977andfromYaleUniversitywithMasterofArts(1979),MasterofPhilosophy(1980),andPh.D.(1984)degreesinEconomics.Ms.SmithisaCharteredFinancialAnalystcharterholder.CharteredFinancialAnalystisadesignationissuedbytheCFAinstitute.ToearnaCFAcharter,acandidatemusthavefouryearsofqualifiedinvestmentworkexperience,passthreeCFAProgramexamlevelsandadheretotheCFAInstituteCodeofEthicsandStandardsofProfessionalConduct. Item3‐DisciplinaryInformation



Registeredinvestmentadvisersarerequiredtodiscloseifanysupervisedpersonisactivelyengagedinanyinvestment‐relatedbusinessoroccupationandanyrelationshipbetweentheadvisorybusinessandthoseotherbusinesses.


16


Item6‐Supervision

Mr.JohnQuealy istheChiefInvestmentOfficerofTrillium AssetManagement,LLCand isresponsible for themonitoringofadvicegiven toclients. YoumaycontactMr.Quealyat(617)423‐6655withanyquestionsrelatedtothesupervisionofMs.Smith.

trillium management, llc ma march - morgan stanley · trillium asset management, llc...

Documents